RICS - Outlook Optimistic for London Housing Market
The number of Londoners putting their homes on the market fell dramatically in August, according to the latest RICS (Royal Institution of Chartered Surveyors) housing market survey, published this week.
The reported fall was at the fastest pace ever recorded in the history of the survey, which also found that the lowering of London house prices has slowed to a trickle. For the three months to August, eight per cent more surveyors reported a fall in prices rather than a rise, compared to 16% in July.
Surveyors also report that new buyer enquiries have been rising since April, although the pace of increase slowed in July and August, even after taking into account the holiday season.
Although newly agreed sales slipped back slightly in August after rising slowly for several months, surveyor confidence on the sales outlook is optimistic. Market conditions have tightened as sales have picked up leading to expectations for a modest upturn in prices in the months ahead.
RICS London Region Director, Trevor Hines, said: "The housing market in London is showing strong signs of stabilising, with more buyers returning to the market and making serious offers. There seems to have been a firm recovery since the first half of the year and all the signs point to a further boost in the autumn."
The London housing market optimism is mirrored elsewhere in England and Wales.